mortgage + valuation

The_Kitty

I went sale agreed on a house and the bank approved my mortgage for the sale price and have sent the loan pack to my solicitor. The vendor is a private vendor, there is no estate agent involved.

Bank looks for a bank valuation as part of the final steps section on the app to be booked through their own valuation team. I booked this in this morning. My question is what happens next, the solicitor has the loan pack to be signed off and I thought that was it at the time but their willingness to lend could change based on their own valuation of the house. If they value under do they say no and everything falls through? Does anyone have recent experience of the process. I am just wondering like what to expect next, how they will make contact etc. They say they will upload the valuation onto the online portal but at that stage do they say it if there is an issue with the value?

awec

The valuation is very basic, it essentially just checks that the house actually exists, is in the condition you expect and that you are paying in the right ball park (i.e. you're not paying 800k for a house that's clearly worth 500k at most).

They are not going to say no to you.

The_Kitty

Tbh am worried sick. No we arent talking 100's of thousands over but more than what people were paying 6 months ago and thinking they will be ok we arent giving you that, make up the difference yourself

L1011

The last bank valuation I had, the valuer asked me what I'd told the bank it was worth... and valued it at that. It was within a +/-10k ballpark anyway I'm sure. They are not there to cause trouble over small differences.

They will also usually give a rebuild price which the bank will insist you insure to.

awec

https://www.boards.ie/discussion/comment/119400716#Comment_119400716

This won't happen.

Honestly, your offer would have to be genuinely absurd for the bank to take issue with it. You could pay over 100k more what someone paid 6 months ago and they won't say no.

The_Kitty

Ah the vendor will have to let them in for the valuation and hopefully it goes like yours!